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Ford plans $1 million Alan Mulally scholarship for engineers

Ford Motor Co. is planning a $1 million scholarship program named in honor of former CEO Alan Mulally.

The Alan Mulally Leadership in Engineering Scholarship announced today provides financial assistance to students pursuing degrees in automotive engineering.

Mulally joined Dearborn-based Ford in 2006 and served as president, CEO and a board member until his retirement June 30. Mulally achieved superstar status by putting an end to infighting, keeping the company out of bankruptcy and getting Ford to build cars that people like to drive.

"Alan's engineering background and data-driven decisionmaking paved the way for the extraordinary leadership he provided at Ford," Ford Executive Chairman Bill Ford said in a news release. "We are honoring his legacy by providing scholarships to students who demonstrate the strong engineering ability that is required to develop into the next generation of leaders for our industry."

The scholarship program will award 10 one-time $10,000 scholarships each year to outstanding sophomore or junior engineering students at certain universities around the world. The program is scheduled to run for 10 years starting in spring 2015.

Funding for the program will consist of $500,000 from Ford Motor Co. and $500,000 from Ford Motor Company Fund, the company's philanthropic arm, the company said.